Without the invasion in february there would still be a significant inflation rise in the West. As far as I understand, war is a notable factor, but not even close to being the biggest.Russia is winning the economic war - and Putin is no closer to withdrawing troops
https://www.theguardian.com/comment...ic-war-ukraine-food-fuel-price-vladimir-putin
The perverse effects of sanctions means rising fuel and food costs for the rest of the world – and fears are growing of a humanitarian catastrophe. Sooner or later, a deal must be made
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I'm fairly ignorant on the issue of sanctions so would welcome any thoughts.
For me if a deal is struck (without it being a Ukrainian idea) then surely that is a massive victory for Putin and zero deterrence for his next imperial adventure?
Secondly, using account surplus as a tool of measuring whether sanctions are effective is just bizzare. I have no idea how did he come up with that.